Labour is in full-on soul-searching mode after losing the general election.

The bookies' favourite to replace Ed Miliband as leader is former health secretary Andy Burnham.

In a speech to business leaders today, Burnham had this to say about where Labour went wrong in recent years: not praising business leaders enough.

He said:

Far too rarely over the last few years has Labour spoken up in praise of the everyday heroes of our society. The small businessman or woman; the sole trader; the innovator, the inventor, the entrepreneur. The small businesses that become big businesses.

The people with the creative spark to think of a new idea and the get-up-and-go to make it work. Who often have to fight against the odds to succeed, but put in the hours, the sweat and the hard graft to do it.

So I want this message to go out loud and clear today: in a Labour Party I lead, they will be as much our heroes as the nurse or the teacher.

Um... yay?

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